India May Sign Pacts with BRICS Nations

India may soon sign the Social Security Agreements (SSA) with the other BRICS countries. The nations that constitute BRICS are Brazil, Russia, India, China and South Africa.

The issue will be finalised this week at the meeting of the BRICS Second Employment Working Group at Hyderabad.

An SSA generally provides an exemption of International Workers from paying taxes in the host country. It calculates the social security contribution made by a worker in the foreign country and qualifies them for retirement benefits in that country. It further allows one to avail benefits in either of the two countries.

“Trade relations between BRICS nations have been increasing over the years, and major industries and enterprises from these nations are making investments in other nations. The companies often make dual contributions in the absence of detachments provisions that affect the competitiveness” said a senior official of Employment Provident Fund Organization (EPFO).

“The Government of India till date has signed SSA with 19 countries. With 15 countries the SSAs have been in operation,” the EPFO added.